UAE: Aabar eyes higher Daimler stake
Abu Dhabi's Aabar Investments PJSC reportedly wants to raise its stake in Daimler to 15 percent from 9.1 percent, according to remarks made by the fund's chairman.
Daimler and Aabar yesterday announced the purchase of 75.1 percent of the Brawn Grand Prix racing team, whose driver Jenson Button won this year's Formula One championship.
Since buying the Daimler stake earlier this year, Aabar has teamed up with Daimler on Tesla Motors Inc., buying part of Daimler's 10 percent stake in the electric car company in July.
Aabar Chairman Khadem al Qubaisi told Bloomberg yesterday that the Abu Dhabi-listed investment company was 'in talks' to raise its holding to 15 percent. The timing would depend on the stock price, he said.
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Global sales of Mercedes-Benz cars rose 12.3% on the year in April to 102,100 vehicles, driven by rising demand in China and the United States....
Daimler is to end work-hour reductions a month earlier than planned because of stronger demand for its vehicles....
Daimler has signed an agreement to establish a bus joint venture in Tashkent with full contract closure expected in the third quarter of 2010....
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